Get paid €15,000 to work from home
See page 15
How five Spanish architects have conquered the world See page 29
WELCOME ARRIVALS
MARBELLA’s luxury property market is booming with foreign investors - particularly the Britishdriving the demand.
A new report by real estate agency Panorama shows that international buyers account for over a third of property purchases in the Malaga region.
And British buyers continue to be Marbella’s largest foreign investor group, accounting for 19% of the agency’s sales over the past three years. Swedish and Dutch buyers follow closely, contributing 10.8% and 8.5% respectively, with the Germans making 5.9% of purchases.
Panorama’s CEO, Chris Clover, highlighted Marbella’s rise in prominence, stating that few other destinations worldwide can claim to be such a consol-
By Dilip Kuner
idated ultra-prime residential location.
The resort has seen record-breaking tourism numbers in recent months,
with Spain as a whole expecting to surpass 85 million visitors this year.
In Marbella this boom in numbers is helping drive demand from foreigners. And it is bucking a national trend where foreign sales have declined in percent-
age terms. (See Mark Stucklin on the next page).
The UK meanwhile still provides the largest tourist numbers, but Belgians and Americans have seen the most significant growth, which may be reflected in future sales.
Expatriates prop up market
FOREIGN buyers are propping up the coastal property markets around Spain. In some areas they account for almost 50% of sales, according to the Association of Registrars In Alicante, on the Costa Blanca, an incredible 44% of coastal homes are bought by non-Spaniards.
In Tenerife 35% of buyers are foreigners, followed by Malaga (33%). The Balearics sit at 31.7%, Murcia (24%) and Las Palmas (22%).
Brits continue to lead the pack of foreign buyers in Spain, accounting for 9.4% of sales to non-Spaniards. They are followed by the Germans at 7% and the French (6%).
Prices in Marbella have risen, on average, by 13.7% between June 2023 and June 2024, reaching a new all-time high of € 4.812 per square metre, according to Idealista
However, the town remains competitively priced compared to other luxury destinations, claims the report.
Of the 50 most costly municipalities in Spain, Marbella is only sixth, while Sant Josep in Ibiza comes top at €6,295/m2. Globally, Marbella moved from 16th place in 2022 to 13th place in 2023, just ahead of Mallorca and Vancouver in the Knight Frank 2024 Wealth Report, with Monaco the most expensive city to buy, at an eye-watering average of over €58,000 per square metre.
See Panorama Market Report, page 18
The charm of a thatched gazebo
Cape Reed can help you create a sustainable outdoor oasis
IN garden design, a thatched gazebo is increasingly popular for those seeking to blend functionality with aesthetics in their outdoor spaces.
More than just a decorative feature, a thatched gazebo offers a range of benefits that transform any garden into a haven of relaxation and enjoyment, boosting your property’s value in its wake.
A thatched gazebo brings a rustic, organic charm that integrates seamlessly into any garden setting. The natural texture and colour of the thatch add warmth and softness, complementing the greenery of your outdoor landscape. In sunny climates like Spain, a gazebo provides much-needed shade, allowing you to enjoy the outdoors, regardless of the weather.
Even during cooler months, a gazebo offers a cozy refuge since Cape Reed thatch is naturally waterproof and one of nature’s best insulators.
Thatch is a renewable, biodegradable resource, making it an eco-friendly choice for those looking to reduce their carbon footprint. Its natural insulating properties keep the interior cool in summer and warmer during cooler nights.
A thatched gazebo is not only a beautiful addition to your garden; it’s also a valuable asset when selling your home, distinguishing your property from others on the market. Properties featuring such unique and luxurious outdoor structures tend to attract more potential buyers, often commanding a higher resale value.
For instance, the most expensive house on the Costa del Sol, which includes a stunning Cape Reed thatched gazebo, serves as a testament to how such features can elevate a property’s market appeal.
With proper care, thatch can last for decades, resisting weather and wear. The structure is designed to withstand strong winds and climate changes, requiring minimal upkeep while remaining attractive and functional for future generations.
Contact John today (+34 638 421 464 or john@ capereed.com) for a free consultation or quotation and open the gateway to Exclusive Living. Naturally.
Mark Stucklin www.spanishpropertyinsight.com
Good news and bad
Home sales ebullient in first half of year, but foreign markets off the boil
THE Spanish property market had an excellent first half (H1) of 2024 with the second-highest sales level in more than 15 years, up 6% on the same period last year to 350,818 transactions, according to the notaries.
The only time sales were higher was in the first half of 2022, when pent-up demand from 2020 and 2021 fueled a post-pandemic boom.
The second quarter (Q2) figure was even better, with sales up 10% to 189,909 suggesting the trend is turning increasingly positive as the year progresses.
With these figures in hand it’s fair to say that the market is one of the most buoyant in Europe.
SALES BY REGION
By regions of greatest interest to foreign investors sales were up the most in Madrid (H1 +10%, Q2 +16%) with most regions showing a similar pattern of accelerating growth in the second quarter.
Only the islands showed negative growth in H1, with transactions falling the most in the Balearics (-9%), and by -3% in the Canaries. But even in the Balearics the second quarter sales trend showed a slight improvement compare to H1
What factors are driving the strong sales?
The key drivers are a growing population, a change in interest rates, now falling, and a
UP: Sales have remained buoyant in most regions
shortage of homes for rent as government interference in the rental market reduces the quantity and quality of homes for rent in hot markets like Madrid, Malaga city and Barcelona.
Spanish house prices are also on the rise. According to the notaries, prices in terms of €/sqm rose by 5% in H1, and 3% in Q2.
Rising prices give buyers confidence that they are making a sound investment, and encourage them to buy before prices rise even further.
SALES INVOLVING FOREIGN BUYERS
What about foreign buyers, who have been so active the last few years?
Data from the land registrars based on deeds inscribed in the first half shows foreign demand down 6% in H1, and 4% in Q2, in both cases the third best period for foreign sales on record. So foreign demand is down from a recent peak, but still high by historical
standards.
By country the biggest increases in H1 came from Poland (+9%), Ireland (+8%) and the Netherlands (+5%), but in Q2 the biggest increase came from the USA (+21%). However, most countries sent fewer buyers to Spain in the first half. The big three markets of the UK, Germany and France were all down in H1, by 10%, 12%, and 24% respectively (Q2 was generally a bit better), whilst the Russian decline was 27%, no doubt related to that country’s isolation since Putin invaded Ukraine.
What’s driving foreign demand? The data suggests that house prices at home are one important factor that appear to be positively correlated with the number of buyers heading to Spain. House prices are declining in the UK, Germany and France, whilst increasing in Poland, Ireland, and the Netherlands (Source:Eurostat / Gov.co.uk).
PROPERTY
TENNIS star Rafa Nadal is serving up a €200 million development in Andalucia.
The Mallorcan wizard is doubling up with Ibiza hotel dynamo Abel Matutes to build up to 100 luxury homes on the Costa del Sol.
Under their new joint venture company, Palya Invest, they will deliver the series of
Height of luxury
A SKYSCRAPER in Benidorm has been crowned the best residential development in Europe.
Benidorm Beach scooped the award at this year’s International Property Awards.
The 126-metre high project, which has 36 floors, is being promoted by Alicante developers Alibuilding, and was designed by Chamizo Arquitectos.
There are a total of 196 apartments with two, three or four bedrooms, with prices starting at €690,000.
It counts on large open, common areas, an indoor pool, gym, spa and jacuzzi - plus two padel courts, a running track and children’s play area.
November 29thDecember 12th 2023
LOOKING FOR MORE PROPERTY STORIES?
Scan to visit our website
LIFE’S A BEACH FOR RAFA
villas and apartments at two sites, ready by 2027 and 2028.
The duo plan to build around 50 beachfront houses in Estepona and some 40 in Nagueles de Marbella.
Palladium Hotel Group boss Matutes has long been involved in similar developments, while Nadal has worked with the Melia hotel group on a new brand called Zel. Matutes and Nadal have other business
holdings such as the production company Komodo which is behind the Mad Cool music festival. The name ‘Palya’ is a play on the Spanish word for beach.
Digital delights
A STUNNING inland region of Spain is offering digital nomads up to €15,000 to move there.
The programme is part of a plan to battle depopulation and help provide a much-needed boost to the economy in Extremadura.
The much overlooked region that borders Portugal has some of the wildest and most beautiful countryside in Europe.
It is also full of Roman ruins and historic gems, like Merida, Caceres, Trujillo and Guadalupe.
Now the regional authorities have set aside €2 million to spend on enticing entrepreneurial digital nomads to live there.
They point out the cost of living is ‘at least’ 30% lower than Madrid and the price of property purchases and rentals is among the cheapest in the country.
While it may not have the best transport infrastructure, the internet coverage is above national average.
“Extremadura offers a
By Laurence Dollimore
high quality of life. It is a natural paradise with exceptional gastronomy,” insisted Economy Minister Guillermo Santamaria.
“Attracting these high-skilled professionals with international incomes will have a very positive impact on our economy.
“They will boost local consumption, enrich regional talent and create significant networks and opportunities.”
Authorities are looking for highly qualified digital nomads who work in the tech industry. To meet the criteria, you
ing the UK, you can still take part in the scheme if you are part of the digital nomad visa programme. Those who brave the most abandoned towns (less than 5,000 inhabitants), will receive up to €10,000, while everyone else will get up to €8,000.
If those in the first group decide to stay on after the first
year, they get another €5,000, while the second group get €4,000 - giving totals of up to €15,000 and €12,000 respectively.
According to reports, people aged 30 and under will be given priority.
You can apply online via the Extremadura General Electronic Access Point. must be able to work 100% from home and online and commit to staying in Extremadura for a minimum of two years.
If you are an EU national, you must be a legal resident in Spain with an NIE. Foreign nationals with a TIE card can also apply. If you are not from the EU, includ -
RESIDENTS of a tower block in Malaga are up in arms over the number of tourist rentals that is creating a ‘living hell’ for them.
There are now an incredible 110 tourist rentals out of 252 apartments in the Martiricos building and the behaviour of tourists is causing despair.
“It's become a living hell,” one resident told Diario Sur. “We're losing our quality of life because of these tourist apartments.”
Residents find themselves powerless in the face of late-night parties, security breaches, noise and aggressive behaviour.
A recent forced evacuation of the building after a fire extinguisher was sprayed by tourists from the 17th floor has led to particular anger.
"We moved here for peace, but it’s become a nightmare," continued the neighbour.
"When one of us complained about a tourist apartment her car lock was broken that night,” he added.
“Another threatened to sue us for being racist and xenophobic.
"The owners claim if their apartments were not full of tourists, they would get squatters in. That’s simply not true.”
The resident group, numbering over 50, are seeking to have the tourist licences annulled.
They are asking for stricter rules and also threatening to take their gripes to court.
“We are willing to risk everything to get this solved,” added the resident.
A COURT in Sevilla has ruled that the council can legally cut off water supply to unlawful tourist flats.
The clarification came after three owners appealed the decision to disconnect six apartments.
But the judge ruled that as the homes were not the owners’ official residences it was legal.
Rentals
Authorities estimate that Sevilla, which has around 3.5 million visitors a year, has over 5,000 illegal apartments, while 9,000 operate legally.
The authorities hope the measure will dissuade further illegal apartments.
The number of holiday rentals is driving up prices and forcing residents out of the historic centre.
GRANDEUR: Of cities like Trujillo and Guadalupe (top)
BIG RELAXATION, Tiny house
LOTS of hotels, Airbnbs and campsites promise an ‘escape from it all’ but few achieve it quite like this extraordinary gem hidden in the hills just inland from the Costa del Sol.
The Little Wooden House was built by expat Elizabeth Wynn as a ‘refuge’ surrounded by nature, near the charming town of Monda.
Just 20 minutes inland from Marbella, the home is perfect for those hoping to recharge in the peaceful surroundings.
The carefully crafted building is nestled among olive trees and vineyards, providing an oasis of calm.
By Yzabelle Bostyn
A deep waft of wood hits you as you enter the house, making you feel instantly welcome.
I’d first heard about the rental via Channel
4’s hit show George Clarke’s Amazing Spaces and written about it in our Property magazine earlier this year.
So it was great to come back and stay.
Elizabeth has certainly used an eclectic mix of wrought iron and other recycled materials to further add to its charm.
The rustic, warm decoration including deep orange colours further adds to the autumnal feel, prompting a sudden urge to curl up in the sofa nook with a fantasy novel. Luckily, there’s a whole shelf to choose from, with titles ranging from Bill Bryson to Yann Martel. I’m soon undergoing a Fleetwood Mac moment. Though ‘tiny’, the house makes great use of space, with a small bathroom, kitchen, dining table, sofa and a bedroom. Each corner is illuminated by big,
bright windows looking out over olive groves and the Sierra de Alpujata. The calming views make cooking in the mini kitchen a pleasure and guests can
‘The Little Wooden House’ is one of the most charming - and unusual - hidden gems just inland from Marbella - and offers the perfect Autumn escape with a classic Fleetwood Mac flavour
even pick fresh grapes or figs for dessert.
For the resident chef, there’s two hobs, a microwave, fridge and stove top kettle on hand, accompanied by all the spices, utensils and pots you could need to whip up something delicious.
Outside, there are two tables to choose from to enjoy your meal and wherever you are, the resident cats are sure to come and say hello. Under swaying branches which catch the last of the summer sun, the garden is the perfect spot to enjoy a cold glass of wine before snuggling down for the night.
Up a small set of stairs, the mezzanine bedroom houses a surprisingly big double bed with soft sheets and fluffy pillows. Surrounded by small windows looking out onto the night sky, the cool country air
gave me the best sleep I'd had in months. After a relaxing lie-in, the next morning I was greeted by bright sunshine through the windows and for once, I did not feel grumpy. What better way to spend a Saturday morning than drinking a coffee and watching butterflies float by. Although I was heartbroken to leave the Little Wooden House, I was excited to see what the nearby towns of Monda and Ojen had to offer.
I was excited to see what the nearby towns of Monda and Ojen offered
A sleepy pueblo, there isn’t much to do in Monda, but it is nonetheless very pretty and the castle is well known for its restaurant.
Ojen, on the other hand, is known for its caves, including the Cueva de Columnas, believed to be an example of a prehistoric home. As well as the local towns, there is plenty of walking to do nearby, being slap bang next to the Sierra de las Nieves National Park. Elizabeth also offers arts and crafts workshops in her neighbouring property, Eden Whispers Art Farm. At just €82 a night, the Little Wooden House offers an idyllic escape for creatives, dreamers and most of all - anyone that needs a good rest.
Enjoy the mountain peace near Malaga
Experience true relaxation in authentic Spain
You'll leave behind fabricated luxury to stay in a pure, natural setting with friendly Spanish and international locals Enjoy the authentic Spanish atmosphere with breathtaking nature, all within walking distance through the vineyards from Cómpeta (4,500 inhabitants), a village nestled in the hills of the Costa del Sol, Spain
Cómpeta offers essential amenities such as dental services, a medical center, veterinary care, and schools (with English spoken). Three supermarkets and various shops meet everyday needs, while numerous excellent restaurants provide diverse dining options About 14 km downhill, you'll �nd a beautiful golf course, several hidden beaches, and great international shopping opportunities.
P R O P E R Y F E A T U R E S
- 700 m², completely renovated and built in 2021
- Heated pool, powered by solar panels and heat pumps.
- Status 2024: Successful boutique hotel with a separate Private residence, featuring two bedrooms, two bathrooms, two livingrooms and a large kitchen Private entrance
- Spacious terrace with views of the mountains and the sea.
- One hour drive from Málaga & Málaga Airport
IN THE IVY LEAGUE
MARBELLA has entered the ‘Ivy League’ of true ultra-luxury destinations, insists a new study of the resort.
It has entered the ‘hearts and minds of the most affluent classes on the planet’, and made it a place to live all-year round, as opposed to just taking holidays.
“Families of extraordinary wealth are spending more and more time in Marbella, and finding themselves increasingly among their circle,” writes Chris Clover, in his agency Panorama’s annual report.
“Hot spots show up every now and then, but few destinations in the world can really claim to be a consolidated ultra-prime residential destination.”
Marbella has recently won many prestigious accolades as a global resort and has also been recognised for its pristine beaches, having been awarded 11 Blue Flags this year (two more than last year) – and the most in Andalucia.
TOURISM: Brits lead the way, Germans are second, while Belgians and Americans have seen the largest growth
Quality tourism is not only important for the wealth it brings, but is the first step to introducing people to the area, many who later buy, continues the report.
Tourism numbers are impressive and soaring, with the resort breaking records this year, for example in March seeing 62,240 tourists staying in Marbella, bringing a 64% occupation rate.
Across Spain, records are also being broken and 2024 is expected to be considerably higher than in 2023 when 85 million tourists visited. Indeed, by the end of May, 33 million people had visited, an increase of 13.6% compared to 2023.
The UK continues to be the main source of arrivals with over 4.4 mi -
llion people recorded, followed by Germany with 3.18 million and France just behind on 3.14 million.
to exist in Marbella, continues the report. “This has always been the potential of Marbella, and the reason we opened an agency here in 1970,” explains Clover.
Marbella has 165,871 registered inhabitants, from 153 countries, to which we must add the ‘floating population’ of tourists staying in their own homes and visiting hotels, which in the winter months alone, adds another 100,000 people to make around 265,000 inhabitants. By summer the figure is at least three times that.
In the first four months of 2024 there has been an 18% increase in visitors.
The total of 8 million overnight stays indicates the virtual disappearance of seasonality in the market, with visits now spread more evenly throughout the year.
KEY MARKET INDICATORS: Market demand, supply and prices
Sales figures for 2023 were strong:
both nationally, 12.3% higher than 2019 and locally, 24.5% higher. The spike in sales in 2022 broke all previous records and was due to the pent-up demand created by Covid.
The two charts (above) show sales since 2007 on a national and local level, but also of the supply shortage: just compare the number of new homes built in 2007 (over 300,000) compared with those built last year (slightly over 60,000).
In 2023, 638,591 properties were sold in Spain of which 56,074 were new and 582,517 resale (used).
In Marbella, Estepona and Benahavis the total number of sales was 8,243, of which 708 were new and 7,535 resale.
What about prices?
Prices in Marbella have risen, on average, by 13.7% between June 2023 and June 2024, reaching a new all-time high of € 4.812/m2 – more than double the average
ANDALUCIAN MASTERPIECE, BENAHAVÍS Ref: OP14851
Built: 936 m² | Plot: 3,650 m² | Beds: 6 | Price: € 6,950,000
CONTEMPORARY VILLA, EL MADROÑAL Ref: OP15141
Built: 523 m² | Plot: 1,865 m² | Beds: 8 | Price: € 4,750,000
CHARMING HOUSE IN LOMAS PUEBLO Ref: OP15150
Built: 130 m² | Terraces: 41 m² | Beds: 3 | Price: € 995,000
EXCLUSIVE, HIGH-END VILLA, ATALAYA DEL RÍO VERDE Ref: OP15053 Built: 372 m² | Beds: 4 | Price: € 5,300,000
BEACHSIDE DUPLEX PENTHOUSE, SAN PEDRO Ref: OP14658
Built: 114 m² | Terraces: 146 m² | Beds: 3 | Price: € 1,995,000
SPACIOUS DUPLEX PENTHOUSE, LAS BRISAS Ref: OP15126
Built: 195 m² | Terraces: 55 m² | Beds: 3 | Price: € 765,000
Tel. (+34) 952 863 750 panorama.es
Offices at Puente Romano and opposite the Marbella Club hotel
asking price per square metre of 10 years ago, according to Idealista.
However, Marbella’s prices remain competitive. Of the 50 most costly municipalities in Spain, Marbella is only sixth, while Sant Josep in Ibiza comes top at €6,295/m2.
Globally, Marbella moved from 16th place in 2022 to 13th place in 2023, just ahead of Mallorca and Vancouver, as quoted in the Knight Frank 2024 Wealth Report, with Monaco the most expensive city to buy, at an average price of over €58,000 per square metre.
And as the chart (right) shows, you can get double the space in Marbella compared to Ibiza and three times that of Saint-Tropez.
Who is buying? Brits come top, Swedish second
British, Dutch, and Swedes are the top foreign buyers in Malaga, con -
12th 2023
tributing to a third of all purchases in the province. British buyers lead with 15%, with the Dutch and Swedish buyers at 8% each.
A third (33.7%) of all properties sold in the province went to international buyers.
In Marbella, British investment has grown by an average of 20% over the past two years. Contrary to initial expectations following Brexit, British residential tourists continue to buy properties on the Costa del Sol, particularly in the luxury market. Despite economic challenges, confidence in the Spanish market remains high and there has been resilient demand for quality homes, especially in golf-related properties.
In Marbella, Panorama’s sales over the last three years have been to clients of 45 nationalities, with the
● Marbella’s property market stands on the brink of a sustained period of exceptional growth. The market indicators consistently point towards a continued upward trajectory, with demand and investor confidence driving the market to new heights. We expect this momentum to increase in the coming years with a profound and sustained expansion phase.
● The lack of supply coupled with an increasing demand, will continue to drive prices higher, but the increase in prices in the most expensive areas may be more moderate.
● Prices are still competitive compared to other luxury destina-
‘OUR CONCLUSIONS’
tions. Although prices in the ultra-prime areas have risen to record highs Marbella remains competitive.
● The market’s success includes neighbouring areas. Estepona, Benahavís and other neighbouring municipalities along the whole Costa del Sol, will continue to enjoy an increasingly solid market.
● There remains a lot of work ahead to maintain, preserve and especially improve the quality and sustainability of our
environment and the professionalism and quality of our services in the private and public sectors.
● Quality of life is what really matters to us all. Sunshine matters. A friendly and welcoming community matters. A beautiful, well-cared-for environment matters. Great restaurants, year-round events and activities, music festivals and concerts, sporting competitions, sophisticated nightlife matter. And of course, quality properties are an essential ingredient of the formula.
MORE BANG FOR YOUR BUCK: Double the space of Ibiza and triple Saint-Tropez
November 29thDecember 12th 2023
LOOKING FOR MORE PROPERTY STORIES?
Scan to visit our website
LEADING THE WAY
SPAIN has been home to some of the most influential architects in history, creatives who have consistently pushed the boundaries, leaving an everlasting impact on the built environment.
From Antoni Gaudi’s imaginative creations to Santiago Calatrava’s innovative engineering, the contributions of these architects reflect the country’s rich cultural heritage and avant-garde spirit.
The Spanish architects who have become some of the most influential in the modern world
By Dilip Kuner
Their commitment to preserving history while embracing the future have made them an inspiration for archi-
1. Santiago Calatrava: sculpting the skyline
tects worldwide.
In fact, the legacy of Spanish architects will continue to shape the architectural domain for centuries to come.
Here we explore the contributions and legacies of five of the best creative masterminds from the Iberian peninsula….
RESPECTFUL: Moneo works with the historic surroundings his commisions are in, from
and
Coming from Valencia, Santiago Calatrava has captivated the world with his structural marvels that blend cutting edge engineering with aesthetics.
His signature white, futuristic designs are a testament to his ability to unite form and function. From the City of Arts and Sciences in Valencia to the iconic Turning Torso in Sweden, Calatrava’s creations continue to redefine the modern architectural landscape.
Rafael Moneo is renowned for his harmonious blend of tradition and modernity, crafting spaces that respect their surroundings while still being contemporary. His work, including the iconic Kursaal Congress Centre in San Sebastian and the Museum of Roman Art in Merida, are stunning examples of how to create timeless structures that engage with their historical context.
MOVEMENT: From the Turning Torso in Sweden, to the City of Life and Sciences in Valencia (left)
Kursaal (top)
Merida (below)
Keep the stress at bay
Casa Direct has the knowledge and experience to guide you through buying or selling a property
IN the competitive world of real estate, few agencies stand out as clearly as Casa Direct.
With a reputation built on trust, professionalism, and a deep commitment to client satisfaction, Casa Direct is more than just a real estate agency - it’s a partner for anyone looking to navigate the property market in this beautiful part of Spain. One of the key strengths of Casa Direct is its multilingual team. Fluent in English, Spanish, French, German, and several other languages, the agency is uniquely positioned to serve an international clientele.
This ability to communicate effectively with clients from around the globe ensures that no matter where you're from, Casa Direct can provide a seamless and stress-free experience.
Trust
But language skills are just the beginning. What truly sets Casa Direct apart is their unwavering commitment to building relationships based on trust. Whether you're looking to buy, rent, or sell a property, you can count on the Casa Direct team to provide honest, transparent advice and support throughout the entire process.
Their deep knowledge of the Malaga region, combined with their personalized approach, means that they are always focused on finding the perfect solution for your real estate needs.
Adding to their credentials, Casa Direct is proud to collaborate with the popular TV show A Place in the Sun in its 2024 series. This partnership highlights their expertise and solidifies their reputation as a go-to agency for finding dream properties in one of Spain's most desirable locations. With Casa Direct, you're not just making a transaction—you're making a trusted connection.
For more information or to find your dream property visit www.casadirect.eu or telephone +34 951 239 010
3. Ricardo Bofill: reinventing urban spaces
QUALITY THAT LASTS
RDMC’S glass manufacturers – a legacy of quality and craftsmanship
IN an ever evolving world,
and innovation are
speed, RDMC’S Glass Manufacturers stands as a beacon of excellence. With over 189 years of combined experience, this family run business brings unparalleled expertise in glazing, construction, and stainless steel.
Specialising in glass curtains, windows, doors, and stainless steel products, R-DMC’s dedication to craftsmanship shines in every project they undertake.
What sets RDMC’S apart is their commitment to using only the highest quality materials. Their use of 316 marine-grade stainless steel ensures that corrosion is never an issue, making their products both durable and reliable.
The company excels in producing UPVC and aluminium windows and doors, with a particular focus on bi-fold (concertina) systems.
Whether it’s an electric or manually operated sliding roof, glass balustrades, or even acoustic glass for soundproofing bars, RDMC’s versatility knows no bounds. Their service extends beyond just glass. From mirrors and table tops to walk-on glass and pool surrounds, they cater to all your glazing needs.
Whether it’s a large-scale commercial project or enhancing your home with bespoke designs, you can trust RDMC’S to deliver quality that lasts. Proud of the work they do, their reputation speaks for itself.
BOUNDARIES: Enric always pushes them from Edinburgh (top) to Shanghai Ricardo Bofilli’s career has been inspired by his passion for transforming and repurposing existing structures. His projects, such as the remarkable transformation of an abandoned cement fac
To explore how RDMC’S can assist you with your next project, contact them at www.rdmcsglass.com, via email at rdmcsinfo@gmail.com or call them on +34 952 477 963 / +34 663 69 62 80.
Known for his expressive and organic designs, Miralles pushed the boundaries of architectural language. His most notable work is the Scottish Parliament Building in Edinburgh, a bold and innovativecome a landmark. His design of the Spanish pavilion at Shanghai’s Expo in 2010 was also
• Offices in Calahonda, Torrequebrada and La Cala de Mijas.
• All sales agents and valuers are Certified Estate Agents by GIPE.
• Multilingual, 12 languages spoken!
• Qualified property valuers with years of experience.
• Professional valuation report based on confirmed sales prices for the last 15 years of similar properties in the immediate area.
• 21 years established = Client list of more than 15.000 potential buyers!
• Professional presentation: Quality photos, Virtual Tour and Floorplans
• No sale - No fee! Call us for a free valuation!
Contact our property valuers Daniel Holmquist or David Hemmings to value your property!
• Your property will be published: on our web page in 4 languages, videos on social media, ads on national and international property portals all over Europe as well as on major MLS platforms. No one gives better coverage!
CALAHONDA
TORREQUEBRADA LA CALA DE MIJAS
GOOD NEWS FORECAST
Euribor interest rates on a downward trend
THE recent downward trend in the Euribor rate is good news for mortgage holders in Spain.
This key benchmark index, which directly influences the cost of borrowing for many homeowners, has been a little up and down over recent months, but the trend is downwards, offering much-needed relief to those facing rising monthly payments.
The Euribor rate has dipped below the psychological 3% barrier to 2.97% (September 9) and this represents a significant decrease from its recent peak of September 2023, when it reached 4.228%.
The European Central Bank (ECB) continues to signal its intention to cut interest rates, which is expected to further drive down the Euribor. Euribor is anticipated to continue to fall and Austria’s central bank governor Robert Holzmann has predicted it could settle at around the 2.5% mark in 2025.
This means that variable mortgage holders can anticipate a reduction in their monthly repayments - which can be a significant cash saving depending on the size of the loan held.
While this news may seem like a dream come true for many, it’s important to remember that the impact of falling interest rates can vary depending on individual circumstances. Most variable-rate
By Tancrede de Pola
mortgages are tied to 12-month Euribor base so rates are reset on the anniversary of the mortgage initiation meaning some won’t see the benefit immediately. Those with fixed-rate mortgages, for instance, may not experience the same benefits until the end of the term.
However, it’s worth noting that the overall trend towards lower interest rates could have a positive impact on the housing market as a whole, potentially leading to increased affordability and greater demand.
Informed
As a mortgage advisor, I encourage homeowners to stay informed about the latest developments in interest rates and to consider consulting with us at The Finance Bureau to assess how these changes may affect their personal situation. While the current outlook appears promising, it’s essential to be prepared for potential fluctuations in the market.
By understanding the factors that influence interest rates and making informed decisions, homeowners can navigate the complexities of the mortgage landscape and secure a more stable financial future.
For more information please call +34 952 801 401 or visit the website www.thefinancebureau.com
5. Antoni Gaudi: unravelling the wonders of modernism
No conversation about Spanish architects can be had without mentioning Antoni Gaudi. His creations are a unique blend of Gothic, Art Nouveau, and Catalan Modernism, with his distinctive designs becoming synonymous with Barcelona’s architectural heritage. The breathtaking Sagrada Familia cathedral and the whimsical nearby Park Güell are just a glimpse of his artistic expression and commitment to pushing the boundaries of traditional architecture.
GENIUS: Gaudi’s work is amoung the most original in history
From page 30
EFPG - Your Friendly English Speaking Insurance Broker
EFPG is a bespoke insurance brokerage in Pueblo Nuevo, offering tailor made insurance solutions at special rates designed especially for the ex-pat market.
We value every single one of our clients as individuals and prize ourselves on our high level of customer care. Our team are fluent in both English and Spanish, providing affordable insurance solutions from well known companies, with quick quotes available and all communication provided in your language.
Our experienced staff are very familiar with the industry and are available to contact at almost any time of the day. Reachable on their independent contact numbers on weekends and bank holidays, to be on hand to offer assistance and advice when you need it most.
We have a cradle to grave approach, meaning that the broker who assists you will be by your side throughout the entire process, from policy start to finish. Providing a helping hand throughout any renewals, adjustments and claims that may take place during the term of the contract.
Insurance can often feel like a waste of money, even when legally required. However we recognize that it is a necessary evil, in order to protect ourselves and our families from financial losses when accidents happen. With this in mind we always aim to provide our clients with the best insurance to meet their needs, finding the ideal policy, taking into consideration performance and price.
At EFPG we aim to match each client with the perfect policy to suit their needs. Along with health, life, marine, motor, travel, pet, buildings, home and other specialist policies, our qualified and experienced team can help you with all your financial planning and pension needs. If you are interested in any of our products please get in touch for more information today. Our office in Pueblo Nuevo is open on weekdays from 9am til 5.30pm, so feel free to come by in person, or alternatively you can call +34 951818001 or visit us on our website www.efpg.es. As part of our 24/hr service you can also reach us at any time of the day via WhatsApp 0034 666 922 345.
Looking forward to connecting with you
Kindest Regards from the efpg team
“Here for what matters most”
MEET THE TEAM: Katya Shew, Scarlett Humphreys and Tamara Garcia
29thDecember 12th 2023
Rental nightmare
SPAIN’S growing rental nightmare has been laid bare by the latest statistics from the second quarter of 2024.
According to property portal Idealista, across Spain, the average flat has 32 people applying for a viewing before being taken off the market.
The figure represents a 55% increase on the same period last year. Malaga, which has become a mecca for digital nomads and expats, has seen interest soar to an average of 37 viewing requests per home.
The figure is a 20% year-onyear increase.
UP AND UP
SPAIN’S housing market continues to burn brightly, with purchase and rental prices seeing near-double digit rises year-onyear.
House prices have risen 8.6%, while rentals have exploded 10.4%, according to new data.
To buy a home in Spain will now cost you an average of €2,176 sqm – a new record for the country. The Balearics meanwhile will set you back the most, costing €4,512 sqm, a year on year jump of 13.2%
In the capital of Palma the rises are even higher at 18.7%.
Man of the people
Irish‘ex-gangster’Gerry‘TheMonk’
Hutch launches rental business for cash-
strappedlocalworkers
NOTORIOUS Irish crime lord Gerry ‘the Monk’ Hutch has turned over a new leaf and is now running bed and breakfasts in Spain for local workers priced out of the rental market, it has emerged.
The 61-year-old former leader of an Irish mafia group known as the Hutch Crime Organisation relocated to Lanzarote permanently after he was acquitted of murder in April.
He was found not guilty by a Dublin court of the murder of gangland rival David Byrne during his group’s feud with
By Walter Finch
the notorious Kinahan cartelwhich regularly spilled onto the Costa del Sol.
Since then Hutch has opened a string of bed and breakfasts on the north side of the popular tourist island, according to reports.
But instead of capitalising on Spain’s ongoing tourism boom, he has dedicated himself to helping out those who have been left behind and can’t find places to rent.
for his teetotal lifestyle and embrace of abstinence.
TURISMOFOBIA GROWS
PUBLIC opinion is starting to turn against mass tourism in Spain. Despite being the lifeblood of the economy at 13% of GDP and providing jobs for nearly three million people, the country stands out among its neighbours in the latest survey.
The YouGov European attitudes to overtourism poll found that one in three (32%) Spaniards believe there
are too many international tourists in their area, far higher than next-nearest France (18%).
A further 28% of people now have a negative opinion of foreign tourists.
Spain is the only country surveyed where more people are against tourist flats (37%) than in favour (33%).
The numbers far outstrip those surveyed in fellow tourism hotspots Italy and France.
to
around 30 or 40 residents at a ‘fair price’. He rents out most of the rooms on long-term leases for hard-pressed workers who have found that the rental market has increasingly been transformed into tourist rentals.
Despite heading up a recognised mafia group, Hutch has always been known
He famously refuses to drink alcohol or take drugs despite reportedly being at one time a major purveyor of the latter.
Enemies
He’s also reputed to have invested heavily in a number of pubs on the island and has opted against lying low despite his long list of enemies.
These days he is a friendly and recognisable presence, happy to chat in public – although he refuses to take selfies.
The source of his investment funds are unknown.
AFRICA TRAIN HOPES
SPANISH scientists will study seismic activity in the Strait of Gibraltar in a bid to determine the viability of an underwater train connecting Morocco with Spain.
The analysis will be carried out by the Spanish Society of the Study of Fixed Communications through the company, Strait of Gibraltar SA (Secegsa).
Secegsa plans to install four ocean bottom seismometers along the proposed route, which will be monitored by the Royal Observatory of the Navy (ROA).
Tunnel
After studies carried out last year and this year, the route of the tunnel, if the project goes ahead, will be between Punta Paloma in Tarifa and Punta Malabata, 11km west of Tangier.
The stretch between the two countries measures 42km, and was selected because the maximum depth would be 300m.
The former mafia boss refuses to rent out rooms to tourists and only offers accommodation
MOB: Hutch has turned to B&B to help hard-pressed locals
WINDS OF CHANGE
Housing and tourism crisis is changing Spain’s property market with bans on short term lets increasingly likely
IT’s already been another bumper year for tourism in Spain.
According to the national statistics institute the number of visitors had reached over 53 million by the end of July, a 12 % increase from the year before. The amount of money spent increased by a whopping 19% to €71 bil lion.
But this isn’t just a story about the lu crative tourism economy, which makes up between 12-14% of Spanish GDP. It’s also about crisis and transformation. It’s the crisis of housing primarily, but also of cities whose infrastructure is overwhelmed by the endlessly growing number of tourists. And of Spaniards’ frustration with how the situation is affecting them.
they will cut off the water to unlicenced Airbnbs and will shut down those that don’t meet new criteria for separate entrances. This is seen as unworkable and a diversion from more direct measures. It’s likely that restrictions will increase in Andalucia’s capital city.
A recent article in the New York Times, for instance, highlighted the number of people living in tent cities in the Bale aric Islands.
Literally the people who are serving the tourist economy, caring for the children and homes of the wealthy and even the police, have nowhere to live.
Other cities, such as Madrid, Cadiz, Valencia (for 1 year), and Granada (for one month) banned new tourist apartment rentals. Even some small towns are picking up the momentum to do likewise. There are also changes to the national housing law coming in the short term to strengthen limitations. One change will allow community housing associations to ban holiday rentals. These associations exist in every building and in many subdivisions (urbanizaciones). Previously, communities could restrict tourist rentals in various ways, including increasing community fees.
It has led to a summer of protests against over-tourism in major cities and small towns, as well as on Spain's popular island destinations.
It has also led to a raft of changes to legislation relating to shortterm vacation rentals like Airbnb. In Barcelona all Airbnb style rent als will be banned by 2028, includ ing those that currently have licences. In other cities there are different levels of restriction being applied depending on degrees of popular political pressure and who the governing party is. In Sevilla, the mayor has announced that
But they couldn’t outright prohibit them unless they had a unanimous vote. When the law changes, communities will be able to do so with a vote of 3/5 of neighbours. The law comes in response to two recent Supreme Court rulings that supported the right of community associations to ban them as economic activities in a residential zone. There is a widespread popularity to these measures. A poll by the Centre for Sociological Research at the beginning of September found that over 76% of Spaniards support controls on tourist apartment licenses. Almost a majority45% - support restrictions on the amount of tourism.
Where will this lead?
Because of all this, the question of tourism rentals has entered the consciousness of home buyers as well. I have had more clients asking me about whether tourist rentals were acceptable in a given community.
Some, particularly those interested in high end properties, want to ensure that it is banned in the community where they are considering making a purchase. High net worth buyers are paying large sums of money for privacy and security. They don’t want a party of wedding goers or holidaying students next door. They want to know who their neighbours are. Others want to finance their holiday home costs with Airbnb rentals when they are not in Spain. They want to ensure that an urbanization hasn’t banned tourism rentals – and in the case of off-plan developments this remains an unknown until the first community meeting.
I heard of a client taking possession of a new apartment in Malaga, which he intended to rent short-term only to find such activity banned at the first community meeting. Obviously - based on the protests that we've seen –those looking to buy in city centres want to see more accommodation dedicated to long term housing. They want to know their neighbours and they want affordable rents.
modated?
And what will it mean for holiday home buyers? At present many owners of second properties, whether houses or apartments, are only resident in their holiday homes for a few weeks or months of the year. If they can’t monetise the period when their property is vacant, how will that affect their buying decisions?
The biggest question of all, perhaps, is whether all of this change will solve the problem of a lack of affordable housing in Spain.
Spaniards now live at home longer and are almost twice as likely to spend more than 40% of their income on housing-related payments, according to a 2023 study by Caixa Bank.
Part of the problem in tourism heavy zones is the conversion of long term housing to tourism rentals. But really, it comes down to a lack of construction of affordable housing - or much new housing at all. Another oft-quote study makes this clear:
Social housing accounts for just 2.5% of the property stock in Spain
According to Spain’s Affordable Housing Observatory, the affordable social housing in the country accounted for 2.5% of the total housing stock in 2019, significantly below the EU15 European average of 15% for the same year.
It seems likely that restrictions will grow primarily in high-end, luxury communities and in city centres. Those developments that are dedicated to vacation properties will likely be far less affected. That could lead to some big changes in the property market and it’s hard to know exactly how it will shake out in the end. Will there be more separation between tourists and residents, as it was prior to the rise of Airbnb style tourist rentals?
Will there be a surge in developments and/or purchases of entire buildings to convert them into regulated tourist apartments, hostels and hotels?
How will the 70 or so million people likely to come to Spain every year be accom -
The concern that we should all have is that governments at all levels are creating new facts and paradigms not based on rational planning or well-thought out decisions - but for political gain and low political cost.
Instead of grappling with the shortage of housing they are offloading the problem to commmunity associations, which can increase conflict between neighbours.
This is a problem for all levels of government and could impact a number of sectors of the economy - housing, employment, tourism, zoning laws.
A rational, well-thought out approach is needed, not half-measures.
SWAMPED: Residents of these two tower blocks in Malaga are up in arms over the number of tourist lets which bring late night rowdy behaviour
by Adam Neale
